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Foreign direct investment (FDI) proposals are being approved and there are only 29 pending applications to date, a senior government official said Thursday.

The Secretary of the Department for the Promotion of Industry and Domestic Trade (DPIIT), Anurag Jain, also said that FDI proposals that deserve due consideration will be facilitated in Press Release 3 (PN3).

According to that press release, the government had made its prior approval mandatory for foreign investments from countries that share land borders with India to curb opportunistic acquisitions by domestic companies following the COVID-19 pandemic.

Countries that share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan. Under that decision, FDI proposals from these countries need government approval for investments in India in any sector.

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“We have had a huge authorization in a batch … No PN3 only 29 proposals are pending approval, many less than three months,” he told reporters. Six companies that obtained approval under the Production Linked Incentives (PLI) scheme for home appliances have raised the issue of FDI approval in Press Release 3.

On this, Jain said the department will follow up and make sure those requests are taken on a priority basis and “they will see what can be done better.”

“You all know why Press Release 3 had to arrive … It was a national emergency, therefore we have to get out (with that). We are not going to eliminate anything with that because in reality that has done the industry good. in large. But those cases that deserve due consideration will be facilitated, “he added.

He spoke at the DPIIT-FICCI investor roundtable on PLI for home appliances.

Speaking of one-stop shop free space, he said 10 states and central government departments have been integrated so far. The number of these states would increase to 14 or 16, he said, adding that “our goal is for all 32 departments to be integrated before March.” On the issue of the semiconductor shortage, the secretary said “you will hear something soon.”

(Edited by : Jomy Jos Pullokaran)

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